Meanwhile, in 1 1/2-quart saucepan, heat oil over medium heat. In small bowl, beat together milk and flour, using whisk, until smooth. Stir milk mixture into oil in saucepan. Cook, stirring constantly, until mixture thickens and bubbles. Remove from heat; cool 3 minutes. Stir in cheese, salt, nutmeg and pepper just until cheese melts; stir in pimientos and 1 tablespoon basil.